Quick overview

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The cryptocurrency market is trading higher as investors await the final hours of the ultimatum given by Donald Trump to Iran to reopen the strategic Strait of Hormuz. In this context, Bitcoin rose and approached the $69,000 mark, according to data from Binance.

The world’s largest cryptocurrency climbed 3.3% to $69,646. Meanwhile, Ethereum followed the trend, gaining 4.2% to $2,144.86. Among major altcoins, XRP advanced 2.6%, while BNB rose 2.4%.

Cryptocurrencies await signals from the war

The crypto market is trading in positive territory as investors closely monitor developments surrounding the conflict involving Iran, with the deadline approaching for Tehran to reopen the Strait of Hormuz — a route through which roughly one-fifth of the world’s oil supply flows.

Trump warned that if an agreement with Iran is not reached before Tuesday at 8:00 p.m. Washington time, the United States could launch attacks targeting Iranian energy facilities, bridges, and other infrastructure.

However, the U.S. president said on Monday that he believes Iran is negotiating “in good faith” and that both sides would prefer to reach an agreement before the deadline expires.

According to Axios, the United States, Iran, and several regional mediators — including Pakistan — are discussing the terms of a 45-day ceasefire proposal that could pave the way for a broader end to the war launched by the United States and Israel on February 28.

Earlier, Trump told reporters that the peace proposal presented by Tehran was “significant,” though he added that it was “not good enough” in its current form.